Jim McDermott (D. WA) was on Crossfire the other night, and is now my new hero:
NOVAK: Congressman McDermott, you're a psychiatrist by profession, and although you've been on the Ways and Means Committee for many years, with all due respect, I don't think you've learned a lot. So I want to give you a good lesson in economics by somebody who did major in economics in college, and he's going to explain to you why repealing the tax on dividends is important. Let's listen to him.
(BEGIN VIDEO CLIP)
BUSH: Double taxation is bad for our economy. Double taxation is wrong. Double taxation falls especially hard on retired people.
About half of all dividend income goes to America's seniors. And they often rely on those checks for a steady source of income in their retirement. It's fair to tax a company's profits. It's not fair to double tax by taxing the shareholder on the same profits.